CC RESOLUTION 325114
RESOLUTION NO. 3251
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF EL SEGUNDO, CALIFORNIA LOANING MONEY FROM
THE GENERAL EMERGENCY CONTINGENCY RESERVE FUND
TO CONSTRUCT A HYDROELECTRIC PLANT
WHEREAS, development of a small hydroelectric generation
plant using in -pipe pressure of the City water system will benefit
the people of E1 Segundo by providing a clean new source of
electrical energy produced without consumption of fossil fuels; and
WHEREAS, Boyle Engineering Company has prepared, and the
City Council has approved, a feasibility report showing that the
initial capital cost of the small hydroelectric plant will be
repaid in less than three years of operation, after which the
plant will return a profit to the City; and
WHEREAS, money is available in the General Emergency
Contingency Reserve Fund to loan for construction of the small
hydroelectric plant;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF EL
SEGUNDO, CALIFORNIA DOES RESOLVE AS FOLLOWS:
SECTION 1. The sum of $550,000 shall be loaned from
the General Emergency Contingency Reserve Fund to construct the
small hydroelectric plant. Such loan shall be subject to 8. simple
interest rate established initially atl.02 percent. Such rate
shall be adjusted quarterly by the City Treasurer to the average
return received by the City on investment of temporarily idle funds.
SECTION 2. All revenue from operation of the hydro-
electric plant in excess of operating costs shall be used to repay
the loan and interest costs until such time as the loan is fully
repaid. Thereafter the income from the plant in excess of operating
costs shall revert to the General Fund.
SECTION 3. The City Clerk shall certify to the passage
and adoption of this resolution; shall enter the same in the book
of original resolutions of said city; and shall make a minute of
the passage and adoption thereof in the records of the proceedings
of the City Council of said City, in the minutes of the meeting at
which the same is passed and adopted.
March
PASSED, APPROVED and ADOPTED this
1984.
ATTEST:
a
City Clerk
(SEAL)
20th day of
-2-
.1 1.1 83
STATE OF CALIFORNIA j
COUNTY OF LOS ANGELES )
CITY OF EL SEGUNDO )
14
L, Valerie A. Burrowes , City Clerk of the City of
E1 Segundo, California, DO HEREBY CERTIFY that the whole number of
members of the City Council of the said City is five; that the
foregoing resolution, being Resolution No. 3251 was duly passed
and adopted by the said City Council, approved and signed by the
Mayor of said City, and attested by the City Clerk of said City, all
at a regular meeting of the said Council held on the 20th day of
March 19 84 and that the same was so passed and
adopted by the following vote:
AYES: Council Members Armstrong- Johnson, Siadek
Synadinos. and Mayor Bue
NOES: Council Member None
ABSENT: Council Member None
WITNESS MY HAND AND THE OFFICIAL SEAL OF SAID CITY this
72nd day of March , 19 84
ZL� .'� �
City Clerk of the City of E1 Segundo,
California